Profitable growth
April-June 2026
- Revenues for Leases amounted to MSEK 1,346 (1,007), an increase of 34 percent
- Revenues for Own Operations amounted to MSEK 839 (896), a decrease of -6 percent
- Net operating income for Leases amounted to MSEK 1,196 (876), an increase of 37 percent
- Net operating income for Own Operations amounted to MSEK 261 (286), a decrease of -9 percent
- EBITDA amounted to MSEK 1,412 (1,110), an increase of 27 percent
- Cash earnings amounted to MSEK 677 (587), equivalent to SEK 3.48 (3.02) per share, an increase of 15 percent
- Changes in property values amounted to MSEK 159 (512) and changes in value of derivatives amounted to MSEK -374 (-285)
- Profit for the period amounted to MSEK 219 (713). Profit for the period attributable to the shareholders of the parent company amounted to MSEK 222 (703), equivalent to SEK 1.14 (3.61) per share
- On 30 April, Hotel Korpilampi in Finland was divested
January-June 2026
- Revenue for Leases amounted to MSEK 2,420 (1,861)
- Revenue from Own Operations amounted to MSEK 1,450 (1,560)
- Net operating income for Leases amounted to MSEK 2,134 (1,616)
- Net operating income from Own Operations amounted to MSEK 359 (373)
- EBITDA amounted to MSEK 2,389 (1,885)
- Cash earnings amounted to MSEK 1,011 (886), corresponding to SEK 5.20 (4.55) per share
- Changes in property values amounted to MSEK 303 (526) and changes in the value of derivatives amounted to MSEK -40 (-357)
- Profit for the period amounted to MSEK 859 (831) and profit for the period attributable to parent company shareholders amounted to MSEK 862 (816), corresponding to SEK 4.43 (4.19) per share
- The loan-to-value ratio was 52.4 percent and the interest cover ratio, rolling twelve months, was 2.4x
Excerpts from CEO comment
"Despite significant geopolitical challenges, the hotel market continued to grow during the second quarter. For Pandox, total revenue and net operating income increased by 15 percent and 25 percent, respectively, primarily driven by strong performance in the Leases business segment. Cash earnings per share increased by 15 percent, while EPRA NRV per share, including dividends paid, increased by 14 percent on an annual basis, demonstrating continued value creation for shareholders."
"The Dalata properties performed well during the quarter, generating rental income of MSEK 312 with strong profitability. For the first half of the year, rental income from Dalata amounted to MSEK 533. Assuming that the corresponding lease agreements had been in place during the comparative period, revenue growth for the Dalata portfolio in the second quarter is estimated at 4 percent in the UK and 3 percent in Ireland. For the first half of the year, growth is estimated at 2 percent in both markets. The performance is well in line with our expectations and confirms the quality of the acquired portfolio."
"We are now in the midst of the seasonally strongest period of the year. Booking activity remains stable, event calendars are well filled across many of our markets, and demand for both business and leisure travel continues to be robust. The conflict in the Middle East has so far had a limited impact on travel activity in Europe."
"Europe continues to be one of the world's most attractive regions to travel to and within. During the second quarter, international arrivals to Europe increased, supported by growing intra-regional travel as more Europeans chose to holiday and travel within the region. At the same time, we continue to see stable demand from the US, contributing to a broad and resilient demand picture."
Presentation of the interim report
Pandox will present this interim report to investors, analysts and the media in a conference call webcast on 15 July 2026 at 08:30 CEST. As a service to Pandox's stakeholders there will also be an external update on the hotel market.
If you wish to participate via webcast, please use the following link:
https://pandox.events.inderes.com/q2-report-2026/register
If you wish to participate via teleconference, please register via the following link: https://events.inderes.com/pandox/q1-report-2026/dial-in
Attachment: Interim report January-June 2026
FOR MORE INFORMATION
Liia Nõu, CEO, +46 (0) 8 506 205 50
Anneli Lindblom, CFO, +46 (0) 765 93 84 00
Anders Berg, SVP Head of Communications and IR, +46 (0) 760 95 19 40
This information is information that Pandox is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-15 07:00 CEST.
About Pandox
Pandox owns, develops, and leases hotel properties to skilled hotel operators under long-term, turnover-based leases with minimum guaranteed levels. Since our inception in 1995, we have grown into one of the largest hotel property owners in Europe. Our portfolio consists of 191 hotel properties with approximately 42,400 rooms across 11 countries in Northern Europe. The portfolio market value is approximately SEK 95bn. The head quarter is in Stockholm, and we are listed on Nasdaq Stockholm.www.pandox.se
